A U.S. Customs and Border Protection ruling issued on 31 July reclassifies one-kilo and 100-ounce gold bars under a category subject to import levies, effectively imposing a 39% tariff on the most common form of Swiss-refined bullion shipped to New York’s COMEX market. The Swiss Gold Association said the measure makes exports of such cast products to the United States “economically unviable,” threatening a trade route that channels roughly 90% of newly mined gold through Switzerland for recasting before delivery to global financial hubs. Investment bank UBS warned that higher costs could force traders to close short exchange-for-physical positions, tightening funding conditions in London’s bullion-banking system and adding stress to precious-metals supply chains. Gold reacted sharply: U.S. December futures climbed more than 1% on Friday to around $3,534 an ounce, surpassing the previous record set in April and extending a 28% year-to-date gain as investors sought shelter from escalating trade tensions.